特发服务 20250625 摘要 特发服务 2024 年营收约 28 亿元，利润约 1.72 亿元，员工约 11,000 人，业务覆盖园区物业管理、口岸管养、医院后勤、数据中心等多业态， 主要分布在华北、华南、华中、华东和西南五大区域。 公司通过收并购进入能源物业管理领域，并积极拓展深圳市口岸办陆路 口岸管养项目和深圳北大医院等三甲医院的后勤物管项目，同时在数据 中心和政务领域也有显著发展。 特发服务对新拓展项目设定了利润率要求，确保不亏损，并力争盈利， 同时关注各业态整体利润情况，希望新项目利润率不低于行业标准。物 业管理费水平呈现稳中有降趋势，通过科技赋能和增值服务应对。 公司与华为合作深厚，业务遍及国内外，并重视数字化转型，搭建智慧 物业平台，试点智能化设备，以降低人工成本，提升人均效能，主要基 于内部管理提效，谨慎投入科技化手段。 公司关注政府公建类业务，拓展医疗机构、学校、军队、文旅景区等领 域，提升现有项目服务质量，打造标杆品牌。同时，持续关注光伏、风 电等新能源物管行业，选择并购标的时谨慎理性。 Q&A 特发服务公司在 2025 年上半年的经营表现如何？ 特发服务公司在 2025 年上半年主要业 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Period**: January to May 2025 Key Points Industry and Company Performance - **Contract Amount Growth**: In the first five months of 2025, the contract amount increased by a mid-to-high single-digit percentage year-on-year, exceeding initial expectations [2][5] - **Net Profit Growth**: The company achieved positive net profit growth, although it may not reach the full-year guidance of 5% [2][5] - **Revenue Growth**: Revenue growth met the 5% guidance, driven primarily by basic property management services, which are expected to grow by 10% [2][9] Revenue and Profit Drivers - **Third-Party Business Growth**: The growth rate of third-party expansion business is faster than that of internal system business, indicating a strong market position [2][9] - **Property Management Fees**: The average property management fee for newly delivered projects by Poly Real Estate is significantly higher, approaching 2.8 yuan in 2024, compared to 2.4 yuan for all managed projects [2][6] Market and Cash Flow - **Cash Collection**: The collection rate slightly declined year-on-year, but the company has increased collection efforts in June 2025 [4] - **Accounts Receivable**: The accounts receivable from the parent company is manageable, with a ratio of operating cash flow to net profit exceeding 1.5 times in 2024 [4][12] M&A Strategy - **Acquisition Plans**: The company is actively seeking acquisition opportunities, having increased its M&A team and exploring potential targets [2][7] - **Market Environment**: The current market environment is favorable for buyers, with less competition and prices returning to reasonable levels [7] Non-Owner Value-Added Services - **Revenue Decline**: Non-owner value-added service revenue decreased year-on-year, accounting for 12% of total revenue in 2024 [2][7] - **New Business Initiatives**: To counteract the decline in traditional business, the company established an engineering service business, although it is expected to face challenges in growth [7][8] Community Value-Added Services - **Service Growth**: The "at-home service" segment within community value-added services has shown slight growth, while asset management services are declining due to the real estate cycle [9] Future Outlook - **Revenue Growth Drivers**: The primary growth driver for future revenue is expected to be basic property management services, with an anticipated growth rate of 10% [9][10] - **Market Share Potential**: The company aims to increase its market share in the third-party property management sector, which is currently around 2% to 3% [17] Dividend Policy - **Dividend Rate**: The dividend rate has been increasing, reaching 50% in 2024, with a corresponding dividend yield of approximately 4.5% [4][20] - **Future Intentions**: The company expresses a clear intention to enhance shareholder returns, supported by a strong cash position [20] Industry Trends - **Market Dynamics**: The property management industry is experiencing a slowdown in revenue growth, influenced by the cyclical nature of the real estate sector [14] - **Profit Margin Pressures**: The industry faces downward pressure on profit margins due to the increasing share of lower-margin third-party projects [15][16] Conclusion - **Long-Term Confidence**: Despite short-term challenges, the company maintains confidence in long-term growth opportunities driven by market expansion and operational improvements [14]

Core Viewpoint - New City Services has received a resumption guidance from the Hong Kong Stock Exchange after a three-month suspension, requiring the company to address six major rectification issues, including related party transactions and financial performance disclosure, to avoid delisting risk [1][3]. Group 1: Suspension and Resumption Guidance - New City Services announced the resumption guidance on June 18, which includes completing investigations into related party transactions and publishing financial results [1]. - The company is currently taking necessary measures to comply with the resumption guidance and aims to restore trading as soon as possible [1]. - The suspension was primarily due to the company's failure to publish its annual report on time, which violated the Hong Kong Stock Exchange's listing rules [3]. Group 2: Financial Issues and Losses - The delay in the annual report was attributed to the discovery of unclear financial transactions with related parties, leading to an investigation by the board [3]. - The company reported a projected net loss of approximately 700 million to 900 million yuan for the year ending December 31, 2024, due to increased credit impairment losses and goodwill impairment amid intensified industry competition [5][6]. - An internal review revealed that New City Services had provided financial assistance to related parties, with the highest outstanding balance reaching 800 million yuan [3][4]. Group 3: Management Changes and Compliance - Recent management changes, including the resignation of an independent non-executive director and the chief financial officer, have added uncertainty to the resumption process [7]. - The resumption guidance requires the company to conduct an independent investigation into related party transactions and demonstrate compliance with listing rules [8]. - The company must also prove that there are no reasonable regulatory concerns regarding the integrity and capability of its management team [8].

Group 1 - The core viewpoint of the article highlights the ongoing efforts in Hainan Province to upgrade old elevators in residential communities, with a total of 1,708 elevators scheduled for replacement this year, supported by 256 million yuan in special long-term bonds [1][2] - The initiative is part of a broader policy by the Ministry of Housing and Urban-Rural Development to include the renovation of old residential elevators in the funding support scope, aimed at enhancing safety and convenience for residents [1] - The project in the Jin Ye Du Bin Hai Garden community exemplifies the benefits of this funding, where elevators over 20 years old were replaced, improving safety and reliability for residents [1] Group 2 - The provincial housing and urban-rural development department has mandated local authorities to create systematic guidelines for the elevator replacement process, covering application procedures, timelines, selection criteria, and funding disbursement [2] - Strict project management will be enforced to ensure quality and safety during construction, with property service companies responsible for providing safety alerts and emergency support during the elevator replacement [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The new housing transaction area has decreased year-on-year, while many regions continue to relax policies to stimulate the market [1] - The report highlights a significant shift in the real estate market dynamics, indicating a potential turning point in policy effectiveness and market stabilization [8] Summary by Sections 1. Sector Overview - The real estate sector saw a decline of 1.9% last week, while the CSI 300 and Wind A indices decreased by 0.5% and 1.1%, respectively, resulting in excess returns of -1.5% and -0.9% [55] 2. Real Estate Market Conditions - New housing market: In the last week, 36 cities recorded a new housing transaction area of 205.9 million square meters, up 10.0% month-on-month but down 18.5% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions totaled 527.4 million square meters, down 11.0% year-on-year [13][17] - Second-hand housing market: In 15 cities, the transaction area was 169.5 million square meters, up 1.6% month-on-month and up 1.4% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions reached 456 million square meters, up 7.0% year-on-year [17] - Inventory and absorption: The cumulative inventory of new homes in 13 cities was 7816.2 million square meters, up 0.3% month-on-month and down 11.6% year-on-year. The absorption cycle for new homes was 20.5 months, with a month-on-month increase of 0.8 months and a year-on-year decrease of 3.2 months [29] 3. Land Market Conditions - From June 16 to June 22, 2025, the land transaction area in 100 cities was 1571.3 million square meters, down 24.1% month-on-month and down 31.8% year-on-year. The average land price was 1732 RMB per square meter, up 32.0% month-on-month and up 30.0% year-on-year [47] - The cumulative land transaction area for 2025 was 49461.5 million square meters, down 5.2% year-on-year [47] 4. Investment Recommendations - Real estate development: Recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a suggestion to pay attention to Greentown China [8] - Property management: Recommended companies include China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [8] - Real estate brokerage: Recommended company is Beike, with a suggestion to pay attention to I Love My Home [9]

南都物业服务集团股份有限公司 证券简称：南都物业 股票代码：603506 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议方式：现场投票与网络投票相结合的方式 三、现场会议地点：浙江省杭州市西湖区紫荆花路 2 号联合大厦 A 座 1 单元 四、会议主持人：董事长韩芳女士 五、会议签到：会议召开前，股东及股东代表、董事、监事、高级管理人员 及见证律师入场，签到。 六、会议议程 （一）宣布 2025 年第一次临时股东大会会议开始，宣布股东大会现场会议 股东到会情况 一、会议时间 现场会议时间：2025 年 6 月 30 日 14:00 网络投票时间：2025 年 6 月 30 日 为维护南都物业服务集团股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据中国 证监会《上市公司股东大会规则》规定和《公司章程》《股东大会议事规则》等 相关法律法规和规定，特制定 ...

6月20日，以"智慧服务 品质生活 创变未来"为主题的2025第十届中国国际物业管理高峰论坛在成都通威 国际中心隆重举行。作为本届论坛的重磅环节之一，"2025中国物业管理行业百强品牌"隆重发布，以品 牌力量助力行业高质量发展。 "2025中国物业管理行业百强品牌"隆重发布 全国智能建筑及居住区数字化标准化技术委员会副主任、住建部科技委标准化专业委员会委员、中国建 筑节能协会智慧建筑专委会主任马虹宣读发布词并表示，当前，物业管理行业正面临服务同质化、成本 上升、业主需求多元化等多重挑战。在此背景下，品牌建设已成为物业企业突破困局、实现可持续发展 的关键战略抓手。"中国物业管理行业百强品牌"榜单，旨在推出一批具有卓越服务品质、强大创新能 力、良好市场口碑的物业品牌，树立行业标杆，展现先锋力量，赋能行业发展。 | | 融创服务 | | | | --- | --- | --- | --- | | 13 | 新城悦服务 | 新城悦服务 | 上海 | | 14 | 川（令会科服务 | 金科服务 | 重庆 | | 15 | | 金地智慧服务 | 深圳 | | 16 | 完景怒活 | 合景悠活 | 广州 | | 17 | ...

Core Viewpoint - The recent significant decline in the stock price of Jingfa Property (01354) has raised concerns, particularly following a drop of 51.08% on June 20, 2023, attributed to panic selling and impending lock-up expirations [1][11]. Market Performance - On June 20, the stock fell to 9.5 HKD, with a trading volume of 1.112 million shares and a total market capitalization of 633 million HKD [1]. - The stock experienced a cumulative decline of 65.45% over five trading days from June 16 to June 20, with an average daily trading volume of 324,000 shares [5][6]. Lock-up Expiration - The upcoming lock-up expiration on July 2, 2023, for two cornerstone investors, Tianbo Diagnostics and Dingzhun Education, is expected to exert downward pressure on the stock. These investors hold a combined 8.78% of the total shares, valued at approximately 55.62 million HKD at current prices [4][11]. - Both cornerstone investors are based in Xi'an, Shaanxi, and have significant unrealized gains, which may incentivize them to sell [4]. Technical Indicators - Technical indicators show a bearish trend, with moving averages indicating a downward trajectory and MACD signaling a strong bearish sentiment [7]. - The stock price is significantly below the 30-day and 60-day moving averages, suggesting a lack of upward momentum [7]. Institutional Activity - Recent trading data indicates that major selling institutions include Yao Cai and HSBC, with significant sell-offs leading to increased selling pressure [9]. - The top five institutional holders account for 81.61% of the shares, with notable selling activity from institutions that also hold significant positions [9]. Financial Performance - Jingfa Property reported a total revenue of 952 million HKD for the year ending December 31, 2024, reflecting a year-on-year growth of 10.4%. Gross profit increased by 21.4% to 143 million HKD, with net profit rising by 19.8% to 61.09 million HKD [12]. - Despite steady financial growth, the company faces challenges due to its heavy reliance on a limited geographic area and major clients, which could impact future growth [13]. Long-term Concerns - The company's business is heavily concentrated in Xi'an, posing risks if the local market environment deteriorates [13]. - The reliance on related parties for revenue generation raises concerns about the sustainability of growth and long-term profitability [13].

这可能是物业竞争最具像化的小区。竞争从大门口开始，两个物业公司的保安同时在此站岗。一组靠外，着黑衬 衫、缀金色流苏，戴黑大檐帽，双手背后笔挺站在自己搭的岗亭上。另一组站住行人入口，着黑衬衫、配黄色反 光条，戴黑单檐软帽。驱车驶近大门，两组保安将同时向业主敬礼，表情庄重。 园区内的竞争同样激烈。两家物业的保洁人员轮番打扫主干道，到业主家收走垃圾，力争帮业主揽收快递。就在 半个月前，两家物业还曾在小区门口对峙：新物业公司等待进入园区接管服务，老物业公司排出人墙阻止其进 入。直到镇政府出面协调，老物业才允许新物业入驻小区外围区域，但仍牢牢把握通向住宅区的"二道门"，不允 许新物业进入。 这场闹剧发生在北京郊区的一个高档别墅小区。近几年来，业主逐渐不满原物业服务质量下降，组建物业管理委 员会招标更换了新的物业公司。然而，老物业公司不认同业主的决议，从工作程序等多个角度提出质疑，坚持继 续提供服务拒绝退场。这就有了两家物业公司争相"上岗"的独特景观。 一位熟悉物业行业的人士表示，随着增量房源逐渐放缓，存量小区成为物业公司的"必争之地"。但此事同样折射 出"基层自治"之难：一群专业知识、人脉资源、经济实力都还不错的业主， ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the real estate industry and its investment strategies for mid-2025, highlighting the current market conditions and future expectations [1][2][3]. Core Insights and Arguments - **Monetary Policy Impact**: The central bank has maintained the MLF interest rate, which is expected to lead banks to lower commercial loan rates, enhancing liquidity in the market [1][2]. - **High-Quality Housing Financing**: The Financial Regulatory Bureau emphasizes the supply of funds for high-quality residential projects and is accelerating the introduction of financing systems that align with new real estate development models [2][3]. - **Current Housing Sales Policy**: The policy for selling existing homes has extended development cycles to 2-3 years, increasing market uncertainty and sales challenges [1][2]. - **Urban Renewal Initiatives**: The Ministry of Housing and Urban-Rural Development is focusing on urban renewal, with increased financial support from various government bodies [2][3]. - **Special Bonds Utilization**: As of June 2025, approximately 400 billion yuan of special bonds have been used for land acquisition, but only 70 billion yuan in transactions have been completed, indicating a need for stronger government action [1][3]. - **REITs Market Growth**: The issuance of REITs has accelerated, with a 9.07% increase in the CSI REITs index this year, outperforming both stock and bond markets [1][4][5]. Additional Important Content - **Performance of REITs**: - Housing REITs reported a 15% year-on-year revenue growth in Q1 2025, with a distribution fund increase of 11% [1][5]. - Consumer REITs showed resilience with a 7% revenue increase and a 23% rise in distributable funds in Q1 2025 [7]. - **Real Estate Sales Trends**: - The real estate market is experiencing a significant decline in sales volume and area, with expectations of a narrowing decline in the future [8]. - The trend towards luxury new homes is evident, driven by a lack of demand for affordable housing and administrative constraints on land sales [8][11]. - **Developer Sales Performance**: Major developers like Poly Developments and China Resources Land are leading in sales, with cities like Shanghai showing significant transaction volumes [9]. - **Future Market Expectations**: The decline in new home market absorption rates is expected to stabilize around July 2025 due to an influx of quality new homes [10]. - **Land Acquisition Trends**: Developers are increasingly willing to acquire land in core cities, with leading firms showing over 300% year-on-year growth in land acquisition [12]. - **Industry Evolution**: The real estate sector is shifting towards more cautious land acquisition strategies, focusing on high-certainty core areas to mitigate risks [13]. This summary encapsulates the essential insights and trends discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the real estate industry.